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I need help with part a and b Required information Problem 11-63 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Russell

I need help with part a and b image text in transcribedimage text in transcribed

Required information Problem 11-63 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Russell Corporation sold a parcel of land valued at $400,000. Its basis in the land was $275,000. For the land, Russell received $50,000 in cash in year 0 and a note providing that Russell will receive $175,000 in year 1 and $175,000 in year 2 from the buyer. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 11-63 Part-a (Static) a. What is Russell's realized gain on the transaction? Required information Problem 11-63 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Russell Corporation sold a parcel of land valued at $400,000. Its basis in the land was $275,000. For the land, Russell received $50,000 in cash in year 0 and a note providing that Russell will receive $175,000 in year 1 and $175,000 in year 2 from the buyer. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 11-63 Part-b (Static) b. What is Russell's recognized gain in year 0 , year 1 , and year 2

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